Shedding some light on Nike’s ‘Dot Swoosh’ platform to host Web3 projects

A day before, Today NFT News reported Nike releases .Swoosh, a Web3 platform to offer Polygon NFTs from January 2023. Today, we have more details to share about DOT SWOOSH and why it has great importance for someone who has an experience of over 20 years in the world of sportswear fashion. 

The Dot Swoosh project has been under progress for quite some time. Nike purchased the ENS domain, dotswoosh.eth, in May for 19.72 ETH. 

From its Web3 ventures, Nike is approaching a revenue of $200 million, which is over 20 times of its closest industry rival. The recent announcement seems to be the greatest in a decade, making way for fashion industries and sports goods. 

http://Swoosh.Nike, the official release of Nike Virtual Studios, showcases the brand’s home of virtual creations, a whole new platform to purchase, display and trade phygital as well as virtual goods of Nike through Polygon.

The platform will accelerate Nike’s scalability with limited drops and general release products, resulting in customer retention and associating them with the brand. The collection can be flexed, which makes it possible to take the sneakers out of the dusty wardrobe and place them in the spotlight. 

The sneakers industry is $127 billion at present. Nike will grab a part of the $6 billion resale market, which was earlier out of its hand. According to estimates, by 2030, the resale market will reach $30 billion. 

In terms of co-creator royalties, Nike says that it will enable creators to take part in community challenges and grab the chance to co-create virtual goods with Nike to take a portion of the royalties on sales. 

Certain predictions have been made as well and the first one among them is selling Travis Scott Jordan IIIs like a redeemable NFT. The revenue generated on secondary sales will be huge. 

The next prediction on the list is Nike ID turning into a phygital platform. Apart from being metaverse interoperable, sneakers designed in the application will be resalable and redeemable. 

There’s no denying that verifying sneakers is not as easy as people think it is. However, sneakers from this platform are definite to be blockchain confirmable, which means their authenticity will be guaranteed. 

The next and probably the most exciting prediction is ‘wear to earn.’ The brand is nothing less than a marketing dream owing to wellness applications. It is now a possibility to assume an off-chain and on-chain redeemable relaunch of Nike +. 

AR and VR platform integration is the next prediction. Before claiming the phygital, one can try on their NFT purchases. More investment in the growing digital influencer space has been planned as well. 

Direct access to NBA finals and World Cup, IRL airdrops, chance to interact with athletes and metaverse experience like signed phygitals are possible as well. 

Meanwhile, the RTFKT team is wearing real IRL RTFKT sneakers in the photos they are posting.